IT department seizes assets worth Rs 5,095 crore between FY20 and FY23: MoS Finance

Income tax authorities seized assets worth Rs 5,095.45 crore and launched as many as 722 prosecutions in search and seizure cases the last four years between 2019-20 and 2022-23, the Lok Sabha was informed on Monday. In all, it searched 2,980 groups in the four-year period. 

“There is no expression such as ‘raid’ in the Income Tax Act’ 1961,” said Minister of State for Finance Pankaj Chaudhary in response to a question on raids while providing the details of the search and seizure actions, including those mounted on business establishments, and prosecutions launched in search and seizure cases. 

In 2022-23, income tax authorities seized the highest amount in the last four years at Rs 1,765.56 crore and searched 741 groups and launched 97 prosecutions. Meanwhile, in 2021-22, tax authorities seized assets worth Rs 1159.59 crore, conducted searches on 686 groups and launched 115 prosecutions. In 2020-21, as much as Rs 880.83 crore worth of assets were seized, 569 groups were searched and 145 prosecutions were launched. Similarly, in 2019-20, tax authorities seized Rs 1,289.47 crore of assets, searched 984 groups and launched 365 prosecutions. 

The minister further said that tax-assessments are finalised and a tax demand is raised on the basis of the evidence gathered during search operation and subsequent investigation, tax-assessments are finalised and a tax demand is raised. “The income assessed and the tax thereupon, get crystallised conclusively when appeals, if any, preferred before CIT(A), Income Tax Appellate Tribunal, High Court and Supreme Court are decided,” he further said. 

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